Air France-KLM Moves to Take Majority Stake in SAS

Air France-KLM plans to take control of Scandinavian Airlines (SAS) by raising its stake from 19.9% to 60.5%. The group will acquire shares currently held by Castlelake and Lind Invest, pending European regulatory approval.

The deal, if approved, would make SAS a subsidiary of Air France-KLM by the second half of 2026. This move follows SAS’s successful emergence from bankruptcy protection in August 2024 and strong post-restructuring performance.

Deeper Integration Across Europe

Air France-KLM aims to expand its European reach and challenge Lufthansa Group and IAG more directly. The takeover would deepen integration between SAS and the group’s carriers – Air France, KLM, and Transavia.

This includes shared commercial strategies, loyalty programs, and increased governance collaboration. Air France-KLM will hold most board seats at SAS if the deal closes as planned.

“SAS has delivered impressive performance,” said Air France-KLM CEO Benjamin Smith. “We’re excited to fully welcome SAS into the Air France-KLM family,” he added.

The group expects SAS’s potential to grow further through tighter cooperation and strategic alignment.

Denmark Retains Stake

The Danish government will retain a 26.4% stake in SAS and keep its board representation. This ensures that Denmark maintains a strong voice in the airline’s future operations.

SkyTeam Alliance and Ongoing Cooperation

SAS joined the SkyTeam alliance in 2024, aligning with Air France and KLM on codeshare routes. Since then, the airlines have expanded cooperation through interline agreements and joint network planning.

The deal’s value will be set at closing based on SAS’s financial performance and debt levels. Until then, both airlines will continue operating under their existing codeshare and alliance agreements. If approved, the acquisition will significantly reshape Europe’s airline landscape by late 2026.

This acquisition would unlock new synergies and cement Air France-KLM’s position in Northern Europe. Passengers can expect smoother connections, integrated loyalty perks, and a broader route network. With SAS on board, Air France-KLM prepares for a stronger, more unified future in European aviation.